Introduction

Abstract

Managerial practice has identified innovation as a central success factor for companies today, and CEOs underline innovation's importance with statements such as “all I've done since I got here is focus on one word: innovation” (Zander 2005) or “the only way for […] companies to reach revenue goals […] is to ‘innovate like crazy’” (Tuttle 2010). Managers regard innovation as a focal point of a company's competitiveness and “a crucial element for its long-term strength and survival” (Damanpour/ Gopalakrishnan 1999, p. 57). Thus, innovations are particularly critical for companies' long-term success, and “it is impossible to escape the reality that corporations must be innovative in order to survive” (Amabile 1988, p. 124).